Mitt Romney accused President Barack Obama Thursday night of holding the nation's growing debt hostage in order to score political points.

"Of course, it was predictable that the president would call for 'tax hikes for the rich' even as he surely knows that extending the Bush tax cuts has been the single feature of the December tax compromise that has contributed most to stimulating the economy," Romney wrote on the National Review's website. "And as he excoriates millionaires and billionaires — a politically delicious target — he also surely knows that the higher taxes he promises will impair America's vital small businesses, depressing job and income growth for everyone."

While Romney did not directly attack the president for opposing Rep. Paul Ryan's (R-Wis.) budget plan, the former Massachusetts governor did hit Obama for, Romney insisted, not taking a serious approach to reform.

"In refusing to endorse any — any — substantive reforms of our runaway spending and entitlement programs, and in impugning the motives of those who have put forward such proposals, the president's performance went from wrong to bad," Romney wrote.

"The matter of spending and reform is no longer about politics," he added. "It is about preserving America's future. The president's descent is disheartening and dangerous."